There will be a 20% cut in the minimum wage but annual bonus holiday payments in the private sector may escape.

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Fisman notes that the study is obviously framed around low-wage workers and a cash bonus that is quite small.

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But as we are now entering mid-March, and all bonus income has been paid, wage and salary growth before inflation seems to have stabilized at just over 2 percent year-over-year.

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Before they started, the researchers told some of the workers that they would get a seven-euro bonus, a 20% pay hike to the promised wage.

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